Gray Television Swings To $75 Mln Profit In Q1; To Buy Back Debts Of Up To $250 Mln

(RTTNews) - Gray Television, Inc. (GTN) Tuesday posted net income of $75 million or $0.79 per share for the first quarter, a significant improvement from net loss of $44 million, or $0.48 per share in the same quarter a year ago, primarily helped by increase in revenue as well as reduction in expenses. Profit beat the Street expectations.

Revenue for the quarter rose 3 percent to $823 million from $801 million in the previous year.

On average, 5 analysts polled by Thomson-Reuters expected the company to report earnings of $0.11 per share on revenue of $824.98 million for the quarter. Analysts' estimates typically exclude special items.

Additionally, the company said its Board has authorized a debt repurchase of up to $250 million through December 31, 2025.

For the second quarter, the company expects revenue to be in the range of $828 million - $846 million. The consensus estimate stands at $853.51 million.